software sector summary report - gca global · pdf filesoftware sector summary week of august...

11

C O M P A N Y P R E S E N T A T I O NSoftware

Sector SummaryWeek of August 21, 2017

22

DEAL DASHBOARD

Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 08/18/2017.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017.5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

$Bn $Bn

Software

(23)%16%

2%16%

Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4)

Company Amount ($MM) Target Acquirer EV ($MM)

$126 $3,903

$103 $1,370

$75 $1,125

$67 $834

$50 $614

$30 $531

$25 $344

$22 $270

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

` Financing Activity by Quarter

$31.5 BillionFinancing Volume YTD (1)(2)

394Financing Transactions YTD (1)(2)

$24.2 BillionM&A Volume YTD (3)

60M&A Transactions YTD (3)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

IGV SPX

86

118103 111

127

94

123

156 160

Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17

$4$6 $6

$9$10

$5$6

$14

$12

Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

$15

$24

$16

$6

$50

$41

$15$12

$5

Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

13

2429

14

2924

2925

21

Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

11%

26%

( )

( )

3.9x

3.1x

4.2x

3.6x 4.0x

4.6x

2.3x

4.7x

3.9x

5.3x

4.3x

3.7x

4.9x

2.2x 2.7x

2.2x

2.9x 2.9x

4.5x 4.1x

2.5x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

2011 2012 2013 2014 2015 2016 2017

All Buyers Strategic Buyers PE Buyers

( )

33

GCA OVERVIEW

US Team

Steve FletcherManaging DirectorHead of Software

[email protected]

Jimmy OrozcoManaging [email protected]

Josh WepmanManaging Director

Software & Digital Media

[email protected]

The GCA Software Team

Clark CallanderManaging Director

Head of Investment [email protected]

Todd CarterCo-President & [email protected]

Executive Leadership Select Europe Team

*Sascha PfeifferCo-Head of European Technology & Media

[email protected]

*Adrian ReedManaging Director

[email protected]

*Stephen GeorgiadisManaging Director

[email protected]

*Raiko SteltenDirector

[email protected]

Select Asia Team

**Ryuichi KanemakiManaging [email protected]

**Tomohiko KubotaManaging Director

CEO of [email protected]

**Akikazu IdaCo-Head of Asian

Technology & [email protected]

Glen KrugerDirector

[email protected]

Mike JanovecVice President

[email protected]

Gautam GargVice President

[email protected]

Daniel AvrutskyManaging Director

[email protected]

Peter BangManaging DirectorFinancial ServicesFinancial [email protected]

Chris GoughManaging Director

Real Estate [email protected]

Sean MinnihanManaging Director

FinTechFinancial Software

[email protected]

Derek BellManaging DirectorBusiness [email protected]

JT HermanManaging Director

Industrial [email protected]

Arthur KirschManaging Director

Healthcare [email protected]

John LambrosManaging Director

Head of Digital [email protected]

Alex VitaleManaging Director

Auto [email protected]

*Phil AdamsCEO of GCA Altium

[email protected]

*Tobias SchultheissManaging Director

[email protected]

Sameer JindalManaging Director

Head of Indian [email protected]

Paul DiNardoManaging Director

[email protected]

*Adrian Reed, Phil Adams, Sascha Pfeiffer, Stephen Georgiadis and Tobias Schultheiss are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.*Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.**Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation.

44

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 08/18/2017.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

(30%)

(15%)

0%

15%

30%

45%

60%

75%

Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17

(12%)

(6%)

0%

6%

12%

18%

24%

30%

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

Sector 3 Months 1 Year 3 Years

Platform 5.0% 18.3% 31.4%

Security (1.6%) 12.7% 32.1%

Infrastructure 2.6% 12.8% 13.9%

BI & Analytics (0.9%) 3.7% 7.7%

Vertical 5.7% 16.5% 45.4%

SaaS / On Demand 4.5% 23.8% 59.1%

55

Valuation and Operational Metrics

TRADING COMPARABLES

Notes:Source: Capital IQ. Market Data as of 08/18/2017.Figures represent mean values of respective comp groups.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: ADBE, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

EV / 2017E Revenue EV / 2017E EBITDA

2017E / 2016A Revenue Growth 2017E EBITDA Margin

36.8x

27.1x 26.6x 24.3x 24.3x

14.0x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

SaaS Security BI & Analytics Infrastructure Vertical Platform

Median: 25.5x

25.3% 24.8%

16.8% 16.2% 14.6%

12.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

SaaS BI & Analytics Infrastructure Vertical Security Platform

Median: 16.5%

6.1x

5.3x 5.1x 5.0x

4.0x 3.9x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

SaaS Platform Vertical Infrastructure BI & Analytics Security

Median: 5.0x

36.7%

25.1% 23.6%

20.7%

17.0% 14.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Platform Infrastructure Vertical Security SaaS BI & Analytics

Median: 22.1%

66

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 08/18/2017.

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics

Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin

8/18/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E

Platform

Microsoft Corporation $72.49 $558,336 ($40,403) $517,933 6.0x 5.2x 4.8x 18.7x 13.2x 12.4x 34.1x 21.9x 21.6x (2.7%) 17.0% 7.4% 32.4% 39.1% 38.8%

Oracle Corporation $48.62 201,125 (8,169) 192,956 5.2 5.0 4.8 13.2 10.9 10.2 23.2 16.9 15.7 (0.6%) 4.0% 4.0% 39.2% 45.6% 47.0%

International Business Machines Corporation $139.70 130,192 33,379 163,571 2.0 2.1 2.1 8.8 8.9 8.6 11.3 10.1 10.1 (2.2%) (2.5%) (0.1%) 23.2% 23.7% 24.4%

SAP SE $104.52 125,306 1,897 127,204 5.5 4.6 4.3 20.0 13.5 12.6 32.6 21.4 19.5 3.1% 19.6% 6.5% 27.4% 33.8% 34.1%

Adobe Systems Incorporated $147.97 73,009 (3,043) 69,966 12.0 9.7 8.1 38.4 23.5 19.1 63.8 36.4 29.0 22.1% 23.2% 19.6% 31.1% 41.2% 42.5%

Mean 6.1x 5.3x 4.8x 19.8x 14.0x 12.6x 33.0x 21.4x 19.2x 3.9% 12.3% 7.5% 30.7% 36.7% 37.4%

Median 5.5 5.0 4.8 18.7 13.2 12.4 32.6 21.4 19.5 (0.6%) 17.0% 6.5% 31.1% 39.1% 38.8%

Infastructure

VMware, Inc. $96.27 $39,437 ($6,485) $32,952 4.6x 4.3x 4.0x 17.8x 11.5x 11.3x 34.7x 19.2x 17.7x 6.7% 9.0% 6.3% 26.1% 37.0% 35.4%

ServiceNow, Inc. $107.23 18,305 (552) 17,753 12.8 9.3 7.1 NM 42.3 28.9 NM 91.6 60.0 38.3% 37.2% 30.5% NM 22.0% 24.7%

Red Hat, Inc. $100.43 17,822 (887) 16,935 7.3 6.2 5.5 42.5 23.4 19.7 76.7 39.5 33.1 17.9% 16.7% 13.9% 17.1% 26.6% 27.7%

CA, Inc. $32.37 13,637 (44) 13,593 3.4 3.3 3.2 10.6 8.9 8.4 17.2 13.6 12.9 (0.1%) 3.0% 2.5% 31.8% 36.8% 38.1%

Citrix Systems, Inc. $74.71 11,319 41 11,361 3.3 4.0 3.9 11.1 12.1 11.4 21.9 16.2 14.9 4.4% (17.5%) 3.9% 30.0% 33.4% 34.0%

Splunk Inc. $59.33 8,210 (1,003) 7,206 7.6 6.0 4.8 NM 51.5 37.8 NM NM 77.9 42.1% 26.3% 25.6% NM 11.7% 12.6%

Atlassian Corporation Plc $36.34 8,194 (550) 7,644 14.4 10.6 8.1 NM 41.9 30.1 NM NM 69.5 37.2% 35.6% 31.3% NM 25.3% 26.8%

F5 Networks, Inc. $116.48 7,402 (1,014) 6,388 3.2 3.0 2.9 10.5 7.7 7.1 21.0 14.0 12.9 3.9% 4.1% 5.0% 30.2% 39.5% 40.8%

Micro Focus International plc $27.91 6,413 1,411 7,823 5.8 5.7 5.6 15.0 12.0 11.8 40.5 15.4 14.7 9.3% 2.1% 0.9% 38.7% 47.1% 47.5%

LogMeIn, Inc. $113.50 5,985 (285) 5,699 17.0 5.6 4.9 NM 15.8 12.9 NM 28.0 23.3 23.7% 5.6% 15.1% 12.2% 35.6% 37.9%

Nutanix, Inc. $21.91 3,320 (350) 2,970 4.9 3.3 2.5 NM NM NM NM NM NM 83.4% 47.6% 34.0% NM NM NM

Software Aktiengesellschaft $41.86 3,096 (18) 3,078 3.3 2.9 2.8 11.3 9.5 9.0 21.6 14.2 13.6 (2.9%) 14.3% 2.8% 29.5% 30.9% 31.7%

NetScout Systems, Inc. $32.70 2,928 (100) 2,827 2.5 2.5 2.3 14.8 10.3 8.2 NM 18.7 13.9 43.1% 1.5% 8.3% 17.0% 24.0% 27.9%

MuleSoft, Inc. $20.69 2,668 (256) 2,412 12.8 8.6 6.4 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM

Commvault Systems, Inc. $58.30 2,654 (481) 2,173 3.4 3.1 2.9 NM 23.0 17.6 NM 52.7 41.1 8.6% 8.8% 9.9% 2.6% 13.6% 16.3%

Pure Storage, Inc. $12.49 2,607 (536) 2,071 2.8 2.1 1.6 NM NM 28.7 NM NM NM 65.3% 37.2% 30.4% NM 0.3% 5.5%

New Relic, Inc. $45.93 2,504 (227) 2,277 9.4 7.0 5.5 NM NM 70.6 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8%

Progress Software Corporation $32.52 1,570 (118) 1,452 3.6 3.7 3.6 13.3 9.0 9.0 NM 18.5 18.6 7.4% (2.6%) 0.9% 26.9% 40.9% 40.6%

Appian Corporation $20.52 1,234 (78) 1,156 8.7 7.1 6.1 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM

A10 Networks, Inc. $6.13 434 (132) 302 1.3 1.3 1.2 NM 86.3 30.5 NM NM NM 15.6% 0.5% 8.9% NM 1.5% 3.9%

Mean 6.6x 5.0x 4.2x 16.3x 24.3x 20.8x 33.4x 28.5x 30.3x 27.2% 16.8% 15.4% 23.8% 25.1% 27.0%

Median 4.8 4.1 3.9 13.3 12.1 12.9 21.9 18.6 18.1 18.7% 11.6% 11.9% 26.9% 26.6% 27.9%

77








Security

Check Point Software Technologies Ltd. $107.29 $17,536 ($1,599) $15,937 9.2x 8.5x 8.0x 18.4x 15.3x 14.3x 25.7x 20.7x 19.0x 6.8% 7.5% 6.9% 49.7% 55.7% 55.8%

Symantec Corporation $28.45 17,484 3,888 21,372 5.7 4.3 4.0 24.0 9.6 8.3 NM 18.4 14.0 4.2% 32.5% 7.8% 23.6% 44.7% 47.6%

Palo Alto Networks, Inc. $130.27 11,962 (854) 11,108 7.1 5.8 4.7 NM 24.5 19.1 NM 45.4 35.2 36.3% 22.8% 21.7% NM 23.6% 24.8%

Splunk Inc. $59.33 8,210 (1,003) 7,206 7.6 6.0 4.8 NM 51.5 37.8 NM NM 77.9 42.1% 26.3% 25.6% NM 11.7% 12.6%

Fortinet, Inc. $36.65 6,444 (1,207) 5,237 4.1 3.5 3.1 54.7 17.3 14.1 NM 38.5 32.1 26.4% 16.9% 14.8% 7.5% 20.2% 21.8%

Trend Micro Incorporated $46.61 6,408 (1,190) 5,218 4.6 3.9 3.6 13.4 11.4 10.3 30.4 27.6 24.4 9.3% 19.3% 7.0% 34.5% 33.9% 35.0%

Proofpoint, Inc. $87.60 3,892 (52) 3,840 10.2 7.6 5.9 NM 63.7 42.4 NM NM 87.7 41.5% 34.8% 27.8% NM 11.9% 14.0%

FireEye, Inc. $13.98 2,547 (110) 2,436 3.4 3.3 3.0 NM 30.6 27.9 NM NM NM 14.6% 3.9% 8.1% NM 10.7% 10.9%

Qualys, Inc. $44.95 1,687 (279) 1,408 7.1 6.2 5.3 29.4 18.7 16.0 89.9 49.9 43.6 20.5% 15.0% 16.0% 24.2% 33.1% 33.3%

Mimecast Limited $26.99 1,534 (98) 1,437 8.4 6.1 5.0 NM 70.2 47.4 NM NM NM 26.1% 36.7% 23.7% NM 8.8% 10.5%

Imperva, Inc. $44.45 1,503 (320) 1,183 4.5 3.7 3.1 NM 29.0 21.2 NM 55.2 47.5 12.9% 21.5% 18.2% NM 12.7% 14.7%

CyberArk Software Ltd. $40.08 1,392 (261) 1,132 5.2 4.4 3.7 26.7 20.9 16.3 51.4 38.5 30.6 34.7% 17.5% 20.1% 19.6% 21.2% 22.7%

Barracuda Networks, Inc. $23.64 1,252 (203) 1,049 3.0 2.8 2.6 30.1 15.7 12.6 NM 32.2 27.9 12.5% 7.0% 7.7% 10.0% 17.9% 20.8%

SecureWorks Corp. $10.36 840 (92) 748 1.7 1.6 1.5 NM NM NM NM NM NM 26.5% 7.9% 10.3% NM NM 0.3%

F-Secure Oyj $4.78 748 (92) 656 3.9 3.2 2.9 27.5 32.6 19.4 45.2 50.1 35.3 4.2% 21.0% 10.3% 14.3% 10.0% 15.2%

Rapid7, Inc. $16.51 719 (84) 634 4.0 3.2 2.7 NM NM NM NM NM NM 42.4% 25.1% 20.6% NM NM NM

VASCO Data Security International, Inc. $12.25 489 (156) 332 1.7 1.8 1.6 20.5 23.1 16.5 46.1 39.5 31.4 (20.4%) (2.5%) 9.1% 8.4% 7.7% 9.8%

MobileIron, Inc. $3.90 367 (89) 278 1.7 1.5 1.4 NM NM NM NM NM NM 9.8% 9.8% 11.1% NM NM NM

Zix Corporation $5.24 290 (30) 260 4.3 3.9 3.5 21.9 14.1 12.2 48.3 18.7 15.9 9.9% 10.5% 10.7% 19.8% 27.8% 29.0%

Absolute Software Corporation $5.93 234 (33) 201 2.3 2.1 2.0 18.0 23.4 16.7 NM NM 62.4 (4.2%) 5.9% 8.9% 12.6% 9.2% 11.8%

Guidance Software, Inc. $7.07 218 (13) 205 1.9 1.9 1.7 NM 16.2 13.1 NM 22.5 18.5 3.3% (3.9%) 12.0% NM 11.9% 13.2%

iPass Inc. $0.60 40 (10) 30 0.5 0.5 0.4 NM NM 52.1 NM NM NM 1.1% (13.8%) 24.7% NM NM 0.8%

Mean 4.6x 3.9x 3.4x 25.9x 27.1x 22.0x 48.1x 35.2x 37.7x 16.4% 14.6% 14.7% 20.4% 20.7% 20.2%

Median 4.2 3.6 3.1 24.0 22.0 16.5 46.1 38.5 31.8 12.7% 16.0% 11.5% 19.6% 15.3% 14.9%

88







SaaS

Salesforce.com, inc. $90.76 $64,561 ($1,674) $62,887 7.5x 6.1x 5.1x NM 28.7x 23.2x NM 69.8x 54.1x 25.9% 22.6% 19.5% 6.0% 21.3% 22.0%

Workday, Inc. $101.40 20,990 (1,574) 19,415 12.4 9.5 7.6 NM 65.1 46.1 NM NM NM 35.0% 30.8% 25.1% NM 14.5% 16.4%

ServiceNow, Inc. $107.23 18,305 (552) 17,753 12.8 9.3 7.1 NM 42.3 28.9 NM 91.6 60.0 38.3% 37.2% 30.5% NM 22.0% 24.7%

Shopify Inc. $94.58 9,321 (932) 8,389 21.5 12.9 9.0 NM NM NM NM NM NM 89.7% 67.0% 42.8% NM 1.8% 4.7%

Veeva Systems Inc. $63.12 8,821 (664) 8,157 15.0 12.2 10.2 67.0 38.3 31.7 NM 76.1 63.2 32.9% 23.1% 19.6% 22.4% 31.8% 32.1%

LogMeIn, Inc. $113.50 5,985 (285) 5,699 17.0 5.6 4.9 NM 15.8 12.9 NM 28.0 23.3 23.7% 5.6% 15.1% 12.2% 35.6% 37.9%

The Ultimate Software Group, Inc. $195.88 5,843 (101) 5,742 7.3 6.1 5.1 85.0 27.1 21.5 NM 55.4 44.6 26.4% 19.8% 19.9% 8.7% 22.6% 23.8%

Aspen Technology, Inc. $58.38 4,268 38 4,306 9.1 8.8 8.5 19.5 18.2 17.7 33.8 25.5 27.6 1.7% 3.1% 3.8% 46.7% 48.5% 48.2%

Paycom Software, Inc. $70.25 4,185 (33) 4,152 12.6 9.6 7.7 61.1 33.5 26.3 95.2 61.1 49.0 46.5% 31.1% 24.9% 20.7% 28.7% 29.3%

Blackbaud, Inc. $83.44 3,919 370 4,289 5.9 5.5 5.0 34.4 22.4 20.5 94.8 39.1 35.1 14.6% 7.6% 8.9% 17.1% 24.3% 24.5%

j2 Global, Inc. $73.63 3,559 912 4,471 5.1 3.9 3.6 12.1 9.4 8.3 23.5 12.7 11.5 21.3% 30.6% 7.6% 42.3% 41.9% 43.6%

RealPage, Inc. $41.70 3,447 71 3,518 6.2 5.3 4.6 43.2 21.6 17.4 NM 45.0 36.1 21.3% 17.0% 15.2% 14.3% 24.5% 26.4%

RingCentral, Inc. $38.25 2,931 (167) 2,764 7.3 5.6 4.5 NM 89.0 60.4 NM NM NM 28.2% 29.7% 23.7% NM 6.3% 7.5%

Zendesk, Inc. $26.62 2,675 (240) 2,435 7.8 5.8 4.4 NM NM 87.7 NM NM NM 49.4% 35.5% 29.5% NM 3.1% 5.1%

MuleSoft, Inc. $20.69 2,668 (256) 2,412 12.8 8.6 6.4 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM

Box, Inc. $18.75 2,534 (103) 2,431 6.1 4.8 3.9 NM NM NM NM NM NM 31.7% 26.8% 23.1% NM NM 2.9%

HubSpot, Inc. $68.20 2,525 (203) 2,323 8.6 6.4 5.1 NM NM 76.0 NM NM NM 48.9% 34.4% 25.8% NM 4.5% 6.7%

New Relic, Inc. $45.93 2,504 (227) 2,277 9.4 7.0 5.5 NM NM 70.6 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8%

Okta, Inc. $24.86 2,369 (224) 2,145 13.4 9.1 6.7 NM NM NM NM NM NM 86.6% 46.9% 36.2% NM NM NM

Paylocity Holding Corporation $45.05 2,331 (103) 2,228 8.4 6.7 5.5 NM 34.6 27.8 NM 62.2 51.2 40.8% 25.7% 22.3% 2.7% 19.4% 19.7%

2U, Inc. $48.29 2,314 (22) 2,292 11.1 8.1 5.9 NM NM NM NM NM NM 37.1% 38.1% 37.2% NM 3.8% 5.5%

Cloudera, Inc. $17.48 2,292 (222) 2,071 7.9 6.0 4.7 NM NM NM NM NM NM 57.2% 33.3% 26.0% NM NM NM

Cornerstone OnDemand, Inc. $34.22 1,970 (67) 1,904 4.5 4.0 3.4 NM 29.6 20.9 NM 87.7 46.4 24.6% 13.7% 15.6% NM 13.4% 16.3%

Qualys, Inc. $44.95 1,687 (279) 1,408 7.1 6.2 5.3 29.4 18.7 16.0 89.9 49.9 43.6 20.5% 15.0% 16.0% 24.2% 33.1% 33.3%

Callidus Software Inc. $23.85 1,613 (172) 1,441 7.0 5.8 4.9 NM 46.3 32.4 NM 73.5 51.8 19.4% 19.4% 19.2% NM 12.6% 15.1%

Coupa Software Incorporated $29.84 1,581 (238) 1,343 10.0 7.7 6.2 NM NM NM NM NM NM 59.9% 30.2% 24.7% NM NM NM

Mimecast Limited $26.99 1,534 (98) 1,437 8.4 6.1 5.0 NM 70.2 47.4 NM NM NM 26.1% 36.7% 23.7% NM 8.8% 10.5%

Alteryx, Inc. $22.63 1,329 (153) 1,177 13.7 9.4 6.9 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM

Appian Corporation $20.52 1,234 (78) 1,156 8.7 7.1 6.1 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM

Yext, Inc. $13.08 1,178 (134) 1,044 8.4 6.2 4.6 NM NM NM NM NM NM 38.5% 36.2% 32.9% NM NM NM

Five9, Inc. $20.42 1,125 (11) 1,114 6.9 5.7 4.9 NM 88.8 57.1 NM NM NM 25.8% 20.2% 17.6% 1.1% 6.4% 8.5%

SPS Commerce, Inc. $58.60 1,009 (159) 851 4.4 3.8 3.4 45.1 26.5 21.6 NM 67.0 55.7 21.9% 14.3% 14.5% 9.8% 14.5% 15.6%


99







SaaS (Cont'd)

Instructure, Inc. $31.35 $921 ($26) $895 8.1x 5.8x 4.4x NM NM NM NM NM NM 51.5% 38.7% 31.0% NM NM NM

Benefitfocus, Inc. $28.95 903 53 955 4.1 3.7 3.3 NM 59.4 35.0 NM NM NM 26.0% 10.0% 14.3% NM 6.3% 9.3%

Workiva Inc. $19.90 832 (53) 780 4.4 3.8 3.3 NM NM NM NM NM NM 23.0% 15.0% 14.4% NM NM NM

LivePerson, Inc. $12.95 763 (54) 708 3.2 3.3 3.1 79.2 34.6 28.1 NM NM 91.4 (6.8%) NM 7.0% 4.0% 9.5% 11.0%

Apptio, Inc. $16.55 661 (124) 537 3.3 2.9 2.6 NM NM NM NM NM NM 24.2% 13.6% 15.3% NM NM 2.2%

Carbonite, Inc. $19.25 535 (16) 519 2.5 2.1 1.9 36.7 11.3 8.8 NM 25.2 19.1 51.5% 17.7% 9.9% 6.8% 18.9% 22.0%

Castlight Health, Inc. $3.85 507 (90) 417 4.1 3.1 2.5 NM NM NM NM NM NM 35.0% 30.7% 27.6% NM NM NM

Bazaarvoice, Inc. $4.70 396 (59) 337 1.7 1.7 1.6 NM 18.7 13.0 NM NM 36.9 2.2% 0.4% 5.3% NM 8.9% 12.2%

ChannelAdvisor Corporation $9.95 263 (57) 206 1.8 1.7 1.5 NM 32.0 21.7 NM NM NM 12.5% 9.6% 11.3% NM 5.2% 6.9%

Park City Group, Inc. $12.45 242 (10) 232 14.1 10.4 7.7 66.4 NA NA NM 56.6 30.7 21.6% 35.6% 34.9% 21.3% NA NA

Brightcove Inc. $6.75 232 (28) 204 1.4 1.3 1.3 NM NM 29.3 NM NM NM 11.6% 1.9% 6.3% NM NM 4.3%

Amber Road, Inc. $7.53 205 12 217 3.0 2.7 2.4 NM NM 75.6 NM NM NM 9.0% 9.5% 12.2% NM NM 3.2%

Marin Software Incorporated $1.05 42 (29) 12 0.1 NA NA NM NA NA NM NA NA (8.0%) NA NA NM NA NA

Mean 7.9x 6.1x 4.9x 48.3x 36.8x 33.9x 67.5x 54.5x 43.8x 32.1% 25.3% 21.0% 16.3% 17.0% 16.9%

Median 7.5 5.9 4.9 44.2 30.8 27.8 89.9 56.6 44.6 26.1% 25.7% 19.8% 13.3% 14.5% 15.1%


1010







Business Intelligence & Analytics

Splunk Inc. $59.33 $8,210 ($1,003) $7,206 7.6x 6.0x 4.8x NM 51.5x 37.8x NM NM 77.9x 42.1% 26.3% 25.6% NM 11.7% 12.6%

Tableau Software, Inc. $69.74 5,516 (993) 4,523 5.5 5.1 4.7 NM 66.0 52.9 NM NM NM 26.5% 6.6% 9.1% NM 7.8% 8.9%

Fair Isaac Corporation $137.94 4,225 481 4,706 5.2 5.0 4.7 22.7 19.5 17.2 34.8 27.2 23.1 6.1% 4.7% 6.8% 23.0% 25.6% 27.2%

Teradata Corporation $30.08 3,937 (532) 3,405 1.5 1.6 1.6 9.0 9.5 9.8 31.7 24.1 23.4 (8.2%) NM (0.4%) 16.4% 16.9% 16.5%

Verint Systems Inc. $38.25 2,397 406 2,804 2.6 2.5 2.3 28.8 10.8 9.8 NM 14.1 12.5 (6.0%) 7.3% 5.9% 9.2% 22.7% 23.8%

Cloudera, Inc. $17.48 2,292 (222) 2,071 7.9 6.0 4.7 NM NM NM NM NM NM 57.2% 33.3% 26.0% NM NM NM

MicroStrategy Incorporated $125.93 1,442 (632) 809 1.6 1.6 1.6 7.0 9.1 12.5 16.0 25.7 23.0 (3.3%) NM 3.1% 22.6% 17.7% 12.5%

Alteryx, Inc. $22.63 1,329 (153) 1,177 13.7 9.4 6.9 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM

Hortonworks, Inc. $15.75 1,057 (72) 985 5.3 4.0 3.1 NM NM NM NM NM NM 51.3% 34.2% 26.7% NM NM 3.0%

Gridsum Holding Inc. $8.46 252 (13) 239 4.1 2.6 1.6 NM NM 6.2 NM NM 10.7 59.4% 60.5% 60.1% NM 1.8% 26.0%

Datawatch Corporation $9.80 120 (29) 90 2.8 2.5 NA NM NM NA NM NM NA 4.4% 15.7% NA NM NM NA

Attunity Ltd. $6.77 116 (10) 106 1.9 1.7 1.5 NM 19.4 16.6 NM NM 27.1 13.1% 13.0% 17.8% NM 8.8% 8.8%

Mean 5.0x 4.0x 3.4x 16.9x 26.6x 20.3x 27.5x 22.8x 28.2x 25.2% 24.8% 19.7% 17.8% 14.1% 15.5%

Median 4.7 3.3 3.1 15.9 19.4 14.5 31.7 24.9 23.1 19.8% 21.0% 17.8% 19.5% 14.3% 12.6%

Vertical

Cerner Corporation $64.25 $21,304 ($94) $21,211 4.5x 4.1x 3.8x 16.1x 12.4x 11.3x 34.7x 25.7x 23.1x 8.2% 10.6% 8.3% 27.9% 32.8% 33.2%

Constellation Software Inc. $557.47 11,814 (70) 11,744 5.5 4.8 4.3 28.8 18.5 16.1 57.1 25.4 21.8 15.6% 13.9% 13.6% 19.2% 26.2% 26.4%

Veeva Systems Inc. $63.12 8,821 (664) 8,157 15.0 12.2 10.2 67.0 38.3 31.7 NM 76.1 63.2 32.9% 23.1% 19.6% 22.4% 31.8% 32.1%

SS&C Technologies Holdings, Inc. $37.33 7,669 2,209 9,877 6.7 5.9 5.6 19.2 14.4 13.0 58.3 19.3 17.1 48.1% 13.5% 5.4% 34.7% 40.8% 42.9%

athenahealth, Inc. $141.34 5,644 209 5,852 5.4 4.8 4.2 54.6 21.9 18.6 NM 73.8 57.5 17.1% 13.2% 13.6% 9.9% 21.8% 22.5%

Guidewire Software, Inc. $70.59 5,250 (477) 4,773 10.6 8.8 7.5 NM 40.8 32.4 NM 82.3 62.2 13.6% 21.0% 17.1% 4.3% 21.5% 23.1%

Medidata Solutions, Inc. $72.34 4,232 (96) 4,136 8.9 7.5 6.3 63.1 30.4 24.5 NM 56.4 48.0 18.1% 19.5% 18.4% 14.1% 24.6% 25.7%

Blackbaud, Inc. $83.44 3,919 370 4,289 5.9 5.5 5.0 34.4 22.4 20.5 94.8 39.1 35.1 14.6% 7.6% 8.9% 17.1% 24.3% 24.5%

CoreLogic, Inc. $44.80 3,777 1,552 5,329 2.7 2.9 2.8 12.7 11.3 10.5 36.4 19.3 17.4 27.8% NM 3.3% 21.5% 25.4% 26.5%

RealPage, Inc. $41.70 3,447 71 3,518 6.2 5.3 4.6 43.2 21.6 17.4 NM 45.0 36.1 21.3% 17.0% 15.2% 14.3% 24.5% 26.4%

Ellie Mae, Inc. $80.86 2,780 (334) 2,446 6.8 6.0 5.0 33.4 20.7 16.0 70.3 54.4 44.4 41.9% 12.3% 20.1% 20.3% 29.2% 31.5%

WebMD Health Corp. $66.28 2,464 (63) 2,400 3.4 3.3 3.2 12.7 10.0 9.7 33.7 32.1 31.9 10.8% 3.0% 2.4% 26.7% 33.1% 33.1%

Allscripts Healthcare Solutions, Inc. $12.85 2,321 1,264 3,585 2.3 2.0 1.7 23.5 9.8 8.7 NM 20.9 17.4 11.8% 15.0% 16.5% 9.8% 20.6% 19.8%

Inovalon Holdings, Inc. $12.95 1,888 (280) 1,608 3.8 3.6 3.3 21.7 14.9 13.2 72.1 42.2 35.8 (2.2%) 5.6% 8.0% 17.3% 23.9% 25.1%

AppFolio, Inc. $41.10 1,394 (32) 1,362 12.9 9.8 7.7 NM 57.5 43.7 NM NM NM 40.8% 32.1% 26.4% NM 17.0% 17.7%

Instructure, Inc. $31.35 921 (26) 895 8.1 5.8 4.4 NM NM NM NM NM NM 51.5% 38.7% 31.0% NM NM NM

HealthStream, Inc. $22.64 722 (116) 606 2.7 2.5 2.2 28.8 16.7 14.2 NM NM 78.1 8.1% 9.3% 9.4% 9.3% 14.7% 15.8%

Silver Spring Networks, Inc. $12.68 679 (118) 561 1.8 1.8 1.7 NM 47.7 18.2 NM NM 47.0 (36.5%) NM 8.7% NM 3.8% 9.3%

Castlight Health, Inc. $3.85 507 (90) 417 4.1 3.1 2.5 NM NM NM NM NM NM 35.0% 30.7% 27.6% NM NM NM

Exa Corporation $13.45 201 (25) 176 2.4 2.3 2.1 39.4 28.6 17.6 NM NM NM 10.9% 5.7% 11.5% 6.2% 8.0% 11.7%

Mean 6.0x 5.1x 4.4x 33.2x 24.3x 18.7x 57.2x 43.7x 39.7x 19.5% 16.2% 14.3% 17.2% 23.6% 24.9%

Median 5.5 4.8 4.2 28.8 21.2 16.8 57.7 40.6 36.0 16.4% 13.7% 13.6% 17.2% 24.4% 25.4%


1111Notes:

Source: Capital IQ as of 08/18/2017. Consensus Estimates used for CY2018E figures.

Estimates for MRIN are not available.

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1212

Select Software M&A Transactions

RECENT ACQUISITIONS

Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 08/18/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

8/15/17 Application Software $107 8.6x NA NA NA Provides load tracking and management SaaS for the shipping and freight sector in the US

8/3/17DigiCert Inc. [Thoma

Bravo]

Symantec Corporation

(Website Security

business assets)

Application Software $950 NA 2.4x NA NAThe Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and

consumers globally

8/3/17 Global Payments Inc.

Active Network Inc.

[fka The Active

Network] [Vista

Application Software $1,200 NA NA NA NAThe communities and sports divisions of Active Network, which provides administration, membership, donations and event

management SaaS for non-profit organizations

8/2/17 RealPage On-Site Manager Inc. (assets)Application Software $250 NA 5.0x NA NAProvides property management software featuring document management, electronic signatures, website development,

background screening, legal contract management, payment processing and cloud computing

8/1/17 Navient [fka Sallie Mae]Duncan Solutions Inc. Application Software $80 1.5x NA NA NAProvides customer service automation, billing, citation management, asset recovery, and transportation database systems

and outsourced services for municipalities and toll authorities

7/27/17 Verisk Analytics Inc. G2 Web Services LLC Security $112 NA NA NA NA Provides merchant risk intelligence software for the investment and financial industries

7/26/17 Open Text Guidance Software Information Management $225 2.1x 1.9x NM 18.9xProvides e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer

for businesses and law enforcement agencies globally

7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses

7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NAProvides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS)

and systems integration services for public sector agencies globally

7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NAProvides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read"

content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

7/12/17 Application Software $80 NA NA NA NAProvides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the

hospitality, dining, healthcare, entertainment, travel and education sectors

7/7/17 Application Software $133 3.3x NA 20.6x NAProvides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM,

contract management and spend analysis

7/6/17 Information Management $1,260 NA NA NA NAProvides open-source and Windows-based software for businesses. Software provides features for data management,

integration and backup

7/5/17 Infrastructure Management $55 1.0x NA NA NAProvides enterprise IT automation and workspace management software to businesses. Features include IT store

management, service desk optimization, on-boarding and off-boarding and workforce security

6/14/17 Hosted Services $200 2.0x NA 20.0x NAProvides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and

management services for businesses

( )

( )

( )

( )(Communities & Sports Divisions)

( ) (Website Security Business Assets)

1313


RECENT ACQUISITIONS

($MM)



6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses

6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses

6/2/17 Infrastructure Management $260 NA NA NA NAProvides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store

payment terminals

5/31/17 Infrastructure Management $1,125 NA NA NA NAProvides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.

Also provides Windows PowerShell interactive development environment (IDE) software

5/30/17 Application Software $531 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for

businesses

5/26/17

Asure Software Inc. iSystems LLC

Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers

5/9/17 Information Management $96 5.6x NA 16.5x NAProvides customer address verification software as a service (SaaS) to e-commerce companies and other businesses. Also

provides verification SaaS for other customer data such as phone numbers and email addresses

5/3/17 Infrastructure Management $490 6.1x 5.2x 14.0x NA Provides software, Web application and API code review, testing and quality assurance (QA) software for businesses

5/1/17 Enterprise Networking $610 24.4x 15.3x NA NAProvides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic WAN and network

infrastructures that connect them to their facilities, users and applications

5/1/17 Information Management $344 1.7x 1.7x 69.1x 15.1xProvides social media-based team collaboration and social media monitoring and marketing software as a service (SaaS) for

businesses

4/28/17Marlin Equity

PartnersTangoe Mobility $270 NA 1.1x NA 10.3x

Provides telecom expense management, network provisioning, M2M and mobile device management software and SaaS for

businesses. Also provides related business process outsourcing (BPO) services

4/25/17 Security $230 2.3x 1.8x 23.0x NAOffers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and authenticate end

users across account lifecycles

4/25/17 Application Software $75 1.9x NA NA NA

Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also provides features for

data processing and aggregation, data warehouse automation, and the reporting and analysis of CRM, sales and supply chain

analytics

4/12/17 Application Software $120 NA NA NA NAProvides channel data management SaaS for the consumer electronics sector globally. Software enables companies to

intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility

( )

( )

( )

( )


1414


RECENT ACQUISITIONS

($MM)




Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-based

communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance

plans

4/3/17 Application Software $50 NA NA NA NAProvides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides features for the

digital management, awarding, reporting and stewardship of academic awards for students

4/3/17 Application Software $73 4.8x NA NA NA Provides mathematical data analysis and modeling software to engineering and scientific research markets

4/3/17 Infrastructure Management $92 0.5x NA NA NA Provides trading software, collaborative data management and EDI software for the securities trading sector

4/3/17 Application Software $400 NA NA NA NAExperian's cross-channel marketing business, which provides marketing automation and email advertising SaaS and

outsourced BPO services for businesses and ad agencies worldwide

3/30/17 Security $366 NA NA NA NA

Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and BlackBerry smart

phone anti-virus and anti-malware software for businesses and consumers globally. Also provides mobile call blocking and

device optimization software

3/29/17 Infrastructure Management $200 6.3x 4.4x NA NAProvides Web and mobile application testing software for enterprises. Features include website performance testing and

management, application load testing, and performance analytics

3/21/17 Application Software $270 NA NA NA NAProvides water resource and environmental management and simulation software to the utilities industry globally. Stantec

obtained ownership of Innovyze through the 2016 acquisition of MWH Global

3/20/17 Application Software $205 7.3x NA NA NAProvides investment portfolio business intelligence (BI) software for the investment and finance sector globally. Software

provides features for data management, portfolio performance analytics, risk management and reporting

3/7/17 Security $614 5.6x NA NA NA Provides automated application penetration and network vulnerability testing SaaS for enterprise software developers

3/7/17 Application Software $317 5.3x NA NA NAProvides on-premise and cloud-based accounting and performance management software and SaaS, including budgeting,

planning, reporting and analytics, for businesses

2/28/17 Security $105 10.5x NA NA NAProvides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or targeted

attacks, insider threats and malware that have circumvented traditional security controls

2/27/17 Application Software $290 8.1x NA 29.0x NAThe multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting, forecasting and

revenue cycle management software for multi-family real estate sectors

2/23/17 Enterprise Networking $325 5.4x NA NA NAProvides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address

management SaaS for enterprises

2/23/17 Application Software $175 2.4x 2.3x 27.5x 20.3xProvides Web-based SaaS for the automation and management of performance appraisals, feedback, compensation

management, succession planning, job descriptions, learning management and recruiting for corporate HR departments

( )

( )

(Multi-Family Housing Business)

(Tongfang InvestmentFund Series SPC)

(Bei jing Feiliu Jiutian Technology Co.)

(Cross -channel Marketing Division)


1515


RECENT ACQUISITIONS

($MM)



2/15/17 Application Software $102 1.3x NA NA NAProvides insurance policy and pharmacy claims processing software and SaaS for the insurance and pharmaceutical sector.

Also provides colocation, disaster recovery, managed hosting and systems integration services

2/14/17 Application Software $59 1.9x 1.6x NM 10.7x Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector globally

2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1x 29.6x 17.5xProvides network management and operational support system (OSS) software and related managed services for telecom

service provides globally

2/8/17 Sophos Invincea Security $120 12.2x NA NA NAProvides endpoint security software for small businesses and enterprises in the healthcare, financial services and

government industries

2/2/17 Hexagon ABMSC Software

CorporationApplication Software $834 3.6x NA NA NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses

2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles

1/31/17 Storage $67 NA NA NA NAProvides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for use in disaster

recovery for businesses

1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators

1/25/17 Application Software $1,400 NA NA NA NA

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical

companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide

electronic authorization

1/24/17 Infrastructure Management $3,903 18.9x NA NM NA

Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and

troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics

reporting software

1/20/17 Hosted Services $84 NA NA NA NAProvides domain name registration and related services to corporate and consumer website owners. Related services include

web hosting and an auction service for website domain name resellers

1/19/17 Application Software $800 4.6x NA NA NAProvides project and portfolio management SaaS and related systems integration services for enterprises. Software includes

features for plan design, agile project portfolio management and cost analysis and control

1/17/17 Storage $650 6.5x NA NA NA

Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature

virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that

can be replicated to secondary datacenters

1/9/17 Information Management $425 NA NA NA NAProvides social collaboration online software for enterprise employees and consumers. Software allows employees and

consumers to create "boards" where members collaborate to complete tasks for a project

1/4/17 Application Software $134 19.1x 7.0x NA NAProvides health benefits management SaaS for businesses. Software provides features for financial management, customized

health benefit plans, and data and analytics reporting

( )

( )

( )

( )

( )

( )


1616


RECENT ACQUISITIONS

($MM)



12/23/16 Application Software $53 NA NA NA NAProvides cloud-based global import and export trade reference software and an online database of analysis content, cargo

details and related company profiles for businesses at www.datamyne.com

12/20/16 Application Software $67 NA NA NA NA Provides client reporting software and services for the investment and financial services sectors globally

12/20/16 Security $560 NA NA NA NAProvides digital rights management SaaS for businesses and content producers, as well as an online digital music and video

content recognition database for consumers and the entertainment sector


Provides insurance policy administration and management software as a service (SaaS) and on-premise for property and

casualty insurance companies. Features include claims management, billing and document management. Also provides

related services

12/19/16 Mobility $67 NA NA NA NADesigns and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other

embedded display manufacturers

12/13/16 Application Software $130 NA NA NA NAThe vendor management software and related assets of Beeline, which provides vendor management systems (VMS) for

businesses globally. Software provides spending management, procurement cycle automation and quality control monitoring

12/12/16 Application Software $60 NA NA NA NAProvides on premise and cloud-based channel and contract management software for businesses in the life sciences industry.

Software provides features for revenue management, contract lifecycle management and performance analytics reporting

12/9/16 Security $850 4.0x NA NA NAThe identity management business of 3M, which consists of 3M Cogent, a biometric identification system, and 3M's

document reader and secure materials systems and software

12/7/16 Application Software $850 NA NA NA NASungard's public sector business, which provides ERP administration SaaS for government and public safety entities and the K-

12 business, provides cloud-based administration and student management software for K-12 educators

12/6/16Hosted Services / Managed

Security Services $1,800 2.6x NA 29.4x NA

Provides network and wireless network IT security auditing, compliance and penetration testing services for businesses and

government agencies globally

12/6/16 Application Software $2,800 NA 5.2x NA 14.0xProvides ERP, HR management, CRM and project management software, SaaS and systems integration services, for

government contractors, professional services firms and other project-based businesses

12/6/16 Information Management $856 2.9x 2.7x 42.8x 13.5xProvides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and

manufacturing industries to securely exchange documents and sync files

12/2/16 Application Software $65 6.5x NA NA NA Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses

All Software

Median 4.6x 2.7x 27.5x 15.1x

Mean 5.6x 4.0x 30.2x 29.8x

PE Acquirers

Median 4.6x 2.4x 27.5x 15.1x

Mean 4.0x 3.5x 17.8x 15.2x

( )

(Public Sector & K-12 Education Businesses)/

(Identity Management Business)

)(

( )

( )

( )

( )


1717

RECENT PRIVATE FINANCINGS

Notes:Source: Pitchbook. Reflects deal activity through 08/18/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

8/18/17 Huochebang $56Provider of an online truck logistics platform created to connect cargo shippers with truck

drivers in ChinaAll-Stars Investment

8/17/17 Ripcord $40 Provider of an end-to-end robotic record management digitization platform Icon Ventures, Silicon Valley Bank, Kleiner Perkins Caufield & Byers, Lux Capital

8/16/17 Sale Stock $27 Operator of an online women’s shopping platform which leverages social mediaGEC, Gobi Ventures, Golden Equator Capital, Korea Investment Partners, MNC Investama, SMDV, Alpha JWC Ventures,

Convergence Ventures

8/16/17 Accuity Delivery Systems $26

Operator of a revenue cycle management business that provides clinical documentation

improvement, coding and quality assurance and provider education services to its hospital

clients

MTS Health Investors,

8/15/17 Puls (CellSavers) $25Provider of an in-home repair and installation platform intended to verify repairs and support

for smart deviceMaverick Ventures, Red Dot Ventures, Samsung NEXT Ventures, Carmel Ventures, Kreos Capital, Sequoia Capital Israel

8/14/17 Zuoyebang $150 Provider of a web and mobile learning platform designed to assist K12 students H Capital, Tiger Global Management, GGV Capital, Legend Capital, Sequoia Capital China, Xiang He Partners

8/11/17 ZingBox $22Provider of an Internet of Things security platform designed to leverage device personality and

enforce acceptable behaviorDell Technologies Capital, Envision Ventures, TriVentures

8/11/17 SoundCloud $170Developer of a music streaming services platform designed to help creators post and share

music and other audio filesTemasek Holdings, The Raine Group

8/10/17 Amplitude $30 Provider of a mobile and Web-based analytics platform designed to track user behavior IVP, Phillip Fernandez, Battery Ventures, Benchmark Capital, Jyoti Bansal, Tien Tzuo

8/9/17 Appboy $50Developer of a life-cycle engagement platform designed to empower marketers to build better

relationships with their customersICONIQ Capital, Battery Ventures

8/8/17 Signals Analytics $25

Developer of an Insights as a Service (IaaS) augmented intelligence platform designed to

simplify the complex decisions surrounding current product portfolio, development pipeline

and innovation agenda

Pitango Venture Capital, Qumra Capital, Sequoia Capital Israel

8/7/17 InContext Solutions $22Developer of 3D virtual simulation technology designed to create engaging shopper experiences

no matter the industryGreen D Ventures, Beringea, Hyde Park Angels, Intel Capital, Plymouth Growth Partners

8/5/17 Sansan $38Developer of a cloud-based business card management service designed to convert business

cards into corporate assetsSPARX Group, DCM Ventures, Salesforce Ventures

8/4/17 TuSimple $20Developer of an autonomous driving technology designed to create commercially viable

autonomous truck driving platformNvidia, Sina Weibo

8/3/17 rfXcel $30Provider of product serialization, traceability and compliance services for the life sciences and

food and beverage industriesKayne Anderson Capital Advisors

1818



($MM)



8/2/17 Particle $20Provider of an Internet of Things (IoT) platform created to help businesses connect and manage

their connected devicesQualcomm Ventures, Spark Capital

8/2/17 Neyber $27 Provider of an employee lending platform intended to provide fair rates and cut credit costs Wadhawan Holdings

8/2/17 Dianrong $220 Provider of a peer to peer lending platform designed to lend and borrow money online GIC, Simone Investment Managers, China Minsheng Investment

8/2/17 Bread Operations $126 Developer of an online financing platform designed to boost merchant sales Menlo Ventures, Bessemer Venture Partners, RRE Ventures

8/2/17 17 Media $40 Developer of a photo-sharing and live video-streaming application Golden Summit, KTB Ventures, Majuven, Vertex Ventures SE Asia & India, Yahoo Japan, Infinity Venture Partners

8/1/17 UnifyID $23Developer of an implicit authentication platform created to simplify the personal authentication

processAccomplice VC, Andreessen Horowitz, New Enterprise Associates, StartX

8/1/17 Personal Capital $115 Provider of online wealth management services IGM Financial

8/1/17 CornerJob $22Developer of a mobile recruiting platform created to facilitate connections between blue-collar

and service jobs

Augesco Ventures, Innogest, Mediaset España Comunicación, Randstad Innovation Fund, 5M Ventures, Caixa Capital Risc,

e.ventures, Media Digital Ventures, Mediaset, Northzone Ventures, Sabadell Capital, Samaipata Ventures, TF1 Group, Tv

Azteca

7/31/17 carwow $38 Provider of a car comparison platform to facilitate buying and selling of new cars Vitruvian Partners, Accel, Balderton Capital

7/27/17 ShopEx $103Provider of an e-commerce software intended to offer software systems and combine payment

channels for e-commerce merchants

China Broadband Capital Partners, China Renaissance, CyberAgent Ventures, Gopher Asset Management Company, Joy

Capital, K2VC, New Alliance Capital, Tianxing Capital

7/27/17 Juvo $40Developer of mobile identity scoring software designed to establish financial identities for the

people who are creditworthy, yet financially excludedNew Enterprise Associates, SignalFire, Wing Venture Partners

7/27/17 DataRobot $67Developer of a machine learning automation platform designed to deploy accurate predictive

modelsOpen Field Capital, New Enterprise Associates

7/27/17 Dataminr $130Provider of a real-time social media data analyzer designed to identify relevant information

from various public social media sites

Auren Hoffman, Conversion Capital, Credit Suisse, Edge Harris Ventures, Expansion Venture Capital, Fidelity Investments,

Haystack Partners, In-Q-Tel, IT Ventures, Kite Ventures, Point72 Ventures, Richmond Global Ventures, SharesPost,

Wellington Management, WorldQuant Ventures, IVP, Venrock

7/27/17 Callsign $35Developer of a artificial intelligence-based authentication platform designed to provide the

most secure and seamless authentication experience for enterprises and usersAccel, Allegis Capital, NightDragon Security, PTB Ventures

7/27/17 Big Switch Networks $31Provider of software-defined networking products designed to disrupt the status quo of

networking by designing intelligent, agile and flexible networks

Dell Technologies Capital, Index Ventures (UK), Intel Capital, Khosla Ventures, Morgenthaler Ventures, MSD Capital,

Redpoint Ventures, Silver Lake Management

1919



($MM)



7/26/17 Within (Virtual reality) $40Developer of a virtual reality (VR) content and technology platform designed to explore and

expand the potential of immersive storytellingEmerson Collective, MACRO, Temasek Holdings, WPP Ventures, 21st Century Fox, Andreessen Horowitz, Raine Ventures

7/26/17 WalkMe $75Developer of an enterprise guidance and engagement platform designed to help users who

don't have the time or inclination to study new featuresFlint Capital, Giza Venture Capital, Insight Venture Partners, Mangrove Capital Partners, Scale Venture Partners

7/26/17Shanghai Liulishuo Information

Technology$100

Provider of a AI based language learning application designed to make people speak English

fluentlyCherubic Ventures, China Media Capital, GGV Capital, Hearst Ventures, IDG Capital, Trustbridge Partners, Wu Capital

7/26/17 Sentient Science $23Developer of a computational testing technology intended to replace physical testing with

virtual testing in materials, components, assemblies, and platformsGeorgian Partners

7/26/17 Marqeta $25Provider of a payment platform intended to offer the world's first fully documented, open API

issuer payment processorCreditEase, Visa83North, Commerce Ventures, CommerzVentures, Granite Ventures, IA Capital Group

7/26/17 FabHotels $25 Operator of on online hotel portal designed to provide budget hotels in India The Goldman Sachs Group, Accel

7/25/17 Toast (restaurant management) $101 Developer of a restaurant management platform designed to simplify and streamline operations Generation Investment Management, Lead Edge Capital, Bessemer Venture Partners, GV

7/25/17 Momenta.ai $46Developer of an AI based semantic HD mapping for autonomous driving created to empower

self-driving cars to become a reality

Daimler, Hillhouse Capital Group, NIO Capital, Sequoia Capital China, Unity Ventures, Shunwei Capital, Sinovation

Ventures

7/25/17 Ibotta $25Provider of a mobile application designed to give cash rewards against a purchase instead of

giving credit pointsGGV Capital, Harbor Spring Capital, Haystack Partners, James Clark, Tom Jermoluk

7/25/17 Duolingo $25Developer of a language learning platform designed to help people to read, listen and speak

multiple languagesDrive Capital

7/24/17 Grab $2,500Provider of an online ride-hailing platform created to offer booking services for taxis, private

cars and motorbikes in Southeast AsiaDidi Chuxing, SoftBank Capital

7/24/17 Nyotron Information Security $21 Developer of an antivirus software intended to secure the world DGB Investments, Amos Malka, Mivtach Shamir Holdings, Saban Capital Group

7/24/17 PerimeterX $23 Provider of a cloud, network and web security platform designed to prevent automated attacks Canaan Partners, Data Collective, Vertex Ventures US

7/24/17 Rimilia $25 Developer of cash allocation software Eight Roads Ventures, Kennet Partners

7/21/17 Betterment $70 Provider of an online investment platform intended to offer financial advisory services Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo Ventures

2020



($MM)



7/21/17 Borrowell $43 Developer of an online lending platform designed to offer personal loans and free credit scores White Star Capital, Equitable Group, Portag3 Ventures

7/20/17 Acorns $40Developer of mobile application designed to offer automatic sync of credit card information and

make investmentsBain Capital Ventures, Greycroft Partners

7/20/17 Dynamic Yield $31 Developer of software systems for maximizing Web-traffic monetizationBaidu, Cerca Partners, ClalTech, Deutsche Telekom Capital Partners, Emerge, Global Founders Capital, La Maison

Investments, Vertex Ventures Israel, Bessemer Venture Partners, Innovation Endeavors, Marker

7/20/17 PebblePost $47Provider of digital-to-direct mail platform designed to transform real-time online activity into

personalized, dynamically rendered direct mail delivered to postal hubs within 12 to 24 hoursRRE Ventures, Greycroft Partners, Tribeca Venture Partners

7/20/17 Receipt Bank $50Developer of a bookkeeping automation software designed to automatize small business

bookkeepingInsight Venture Partners

7/19/17 Kahoot $20Provider of a game-based learning platform designed to help teachers create tailored quizzes

and examsCreandum, Microsoft Ventures, Northzone Ventures

7/19/17 Nauto $159 Provider of an online traffic monitoring deviceGeneral Motors, Greylock Partners, SoftBank Group, Allianz Ventures, BMW i Ventures, Draper Nexus, Playground Global,

Toyota Research Institute

7/19/17 Pendo $25Provider of a cloud-based product experience platform designed to increases trial conversions

and accelerates time to value

Meritech Capital Partners, Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEA Fund Partners,

Salesforce Ventures, Spark Capital

7/18/17 Alation $23Developer of an enterprise collaborative data platform designed to empower employees inside

data-driven enterprises to find, understand and use the right dataHarmony Partners, Icon Ventures, Costanoa Venture Capital, Data Collective

7/18/17 Capital.com $25Developer of an artificial intelligence based trading software created to trade in financial

instruments with their mobile devicesLarnabel Ventures, VP Capital

7/18/17 FreshBooks $43Developer of a cloud-based small business accounting software designed to make online

invoicing easy and secureAccomplice VC, Georgian Partners, Oak Investment Partners

7/18/17 NewStore $50 Provider of an online order and workflow automation tool and platform Stephan Schambach, Activant Capital Group, General Catalyst Partners

7/18/17 SpotHero $30 Developer of an on-demand mobile parking application designed to offer easy parking facilities

AutoTech Ventures, Corazon Capital, Daniel Hoffer, Global Founders Capital, Levy Family Partners, Math Venture

Partners, Sam Yagan, Bullpen Capital, Chicago Ventures, Draper Associates, Insight Venture Partners, OCA Ventures,

Pritzker Group Venture Capital

7/17/17 Particle $20Provider of an Internet of Things (IoT) platform created to help businesses connect and manage

their connected devicesQualcomm Ventures, Spark Capital

7/17/17 Artsy $50 Provider of an online platform for collection of contemporary art for art loversAvenir Growth Capital, Greg Maffei, Joe Gebbia, Robert Pittman, Shumway Capital Partners, Dasha Zhukova, L Catterton,

Larry Gagosian, Richard Barton, Rockefeller family, Sky Dayton, Thrive Capital, Wendi Murdoch

2121



($MM)



7/14/17 VistaraIT $20 Developer of a SaaS platform created to manage modern IT operations NA

7/14/17 Assent (Compliance Management) $31Developer of compliance management software designed to help organizations collect data and

stay in compliance with local and international regulations

Greenspring Associates, Business Development Bank of Canada, National Research Council Canada, OpenText Enterprise

Apps Fund, Royal Bank of Canada, Volition Capital

7/13/17 CellSavers $20Provider of an in-home repair and installation platform intended to verify repairs and support

for smart deviceRed Dot Ventures, Carmel Ventures, Sequoia Capital Israel

7/12/17 Zhenkunhang $53Operator of an industrial products distribution platform created to offer one-stop MRO

purchasing and management servicesEastern Bell Venture Capital, Shenzhen Cowin Venture Capital Investments

7/12/17 Rover $65 Operator of a pet-sitter network developed to connect pet owners with dog walkers and sittersAlpha Venture Partners, Bespoke Management, Spark Capital, StepStone Group, Foundry Group, Madrona Venture

Group, Menlo Ventures, OMERS Ventures, Technology Crossover Ventures

7/12/17 Revolut $66 Provider of mobile foreign exchange services designed to help in global money transfer Balderton Capital, Index Ventures (UK), Ribbit Capital

7/12/17 Quantitative Brokers $24Provider of advanced algorithms and data-driven analytics to clients in the futures and US cash

treasury marketsCentana Growth Partners

7/12/17 Flashpoint (threat intelligence) $28Provider of a business risk intelligence platform intended to empower intelligent decision

makingGeorgian Partners, Bloomberg Beta, Cisco Investments, Greycroft Partners, Jump Capital, Leaders Fund, TechOperators

7/12/17 Deep Instinct $32Provider of cyber security for mobile and endpoints by applying deep learning designed to

protect against the most evasive unknown malware in real-timeCoatue Management, Nvidia, Columbus Nova Technology Partners

7/11/17 Lastline $29Developer of an enterprise security platform designed to detect and defend advanced malware

in network

Barracuda Networks, NTT Finance, Osage University Partners, Thomvest Ventures, WatchGuard Technologies, Redpoint

Ventures

7/11/17 HyTrust $36Provider of a cloud security software designed to automate compliance and enforce security-

based policies across private and public clouds

Advance Venture Partners, Cisco Investments, EPIC Ventures, Fortinet, Intel Capital, Sway Ventures, Trident Capital,

Vanedge Capital, VMware

7/11/17 Gong (Software) $20Provider of a sales conversation intelligence platform created to improve calls and demos for

sales teamsNext World Capital, Wing Venture Partners, Norwest Venture Partners, Shlomo Kramer

7/10/17 TruMid $28Provider of an electronic credit trading platform created to unlock liquidity for institutional

clientsCreditEase, DB1 Ventures

7/10/17 StashInvest $42Developer of a mobile investment application designed to empower investors and provide

access to financial opportunitiesCoatue Management, Breyer Capital, Goodwater Capital, Valar Ventures

7/10/17 Darktrace $75Provider of cyber threat defense systems designed to detect and respond to previously

unidentified threatsInsight Venture Partners, Kohlberg Kravis Roberts, Summit Partners, Ten Eleven Ventures

2222

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Source: Capital IQ and Company filings.Market Data as of 08/18/2017.(1) First Trading Day listed as Offer Date.

($ M M )

Offer Date (1) Market Cap

@ IPO Date

Amount

Raised Pre IPO Filing Range Offer Price

% Change

Offer /

Midpoint Price

% Change

1st Trading Day /

Offer Price

% Change Current /

Offer Price

25-May-17 $787 $75 11.00 - 13.00 $12.00 - 25.1% 71.0%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 16.5%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 18.9%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 46.2%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 61.6%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 21.7%

Name

23

195

157

(5)

(4)

(6)(9) (6)

(7)

(8)

(9)

(4)

(7)

(11)

(8)(11)

(9)

(6)

(10)

(12)

(6)

6

11

717

1617

11

9

6

150

160

170

180

190

200

210 PE Acquisitions Strategic Acquisitions IPO

Notes:Sources: Capital IQ, company filings.Market Data as of 08/18/2017.

A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues

2008 2009 2010 2011 20152012 2013 2014 2016

FortinetCDC Software

LogMeInMedidata

SolarWindsRosetta Stone SciQuest

RealPageIntraLinksEnvestnet

Qlik BroadSoft

Higher One Convio

SPS CommerceSS&C

QuinStreet

JiveImperva

CarboniteTangoe

ResponsysCornerstone

Epocrates

WorkdayFleetmatics

QualysEloquaE2open

ServiceNowExa

IncadeaInfloblox

ProofpointSplunk

ExactTargetDemandwareBazaarvoiceGreenway

AVGGuidewire

MavenirBarracudaWix.comCovisint

RingCentralFireEyeCvent

Gigamon Textura

ChannelAdvisorMarketoTableauHalogen

RallyMarin

Model N

WorkivaHortonworks

New RelicHubSpotCyberArk

MobileIronKinaxis

ZendeskPaycom

OPOWERFive9

2UBorderfree

Amber RoadA10 Networks

PaylocityVaronis Systems

AtlassianMimecast

InstructureRapid7Sophos

AppFolioAlarm.Com

XactlyShopifyApigee

Box

TwilioSecureWorks

TalendEverbridge

Apptio Gridsum Holding

NutanixCoupa

BlackLine, Inc.

2017

MulesoftAlteryx

OktaYext

ClouderaAppian

2009 2010 2011 2012 2013 2014 2015 2016 2017

IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 6

Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 6

PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 4

2424

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

$14

Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017

Nu

mb

er o

f In

vest

men

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

TMT Transactions Since Q2 2002

VENTURE CAPITAL INDUSTRY

Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and

Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.

(1)

2525

Deep Software Sector Expertise

GCA OVERVIEW

We Advised the Buyer

We Advised the Seller

Acquired by



Acquired by


Acquired by


Investment by


Acquired by

Acquired by

Acquisition of


Acquired by


Strategic Advisory Services

Financial Advisor


Acquired by

PreferredStock

Financial Advisor

Financial Advisor

Preferred Stock


Acquired by


Acquired by


Acquired by

PreferredStock

Financial Advisor

Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.


Acquired by


Acquired by

Acquired by


Convertible NoteOffering

Financial Advisor

Fairness Opinion to Buddy Media

Acquired by

Acquired by


Acquired by


Acquired by



Acquired by


Acquired by

Acquired by



Acquired by


Acquired by

Acquisition of

Acquisition of


Acquired by

We Advised the SellerWe Advised the Seller

PreferredStock


Acquired by


Acquisition of


Acquired by

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